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10 Things Every Forex Newbie Should Know To Make Money Effectively

10 Things Every Forex Newbie Should Know To Make Money Effectively
Forex is a free market that has no boundaries, and it is one of several markets where traders can take their first steps small and get rich quite quickly, but can also lose their money very quickly.

If you are thinking about plunging into the entertaining world of the Forex exchange, there are a few important basics that every beginner should know.

Here are 10 things you need to know and remember:

1. Making money on Forex is not easy.
When entering the world of Forex, you must know that almost 95% of traders lose their money. If you strive to make money in this market, you need to educate yourself and get a stock of knowledge about currency trading. You need to be confident in what you are doing, discipline, and follow your plan for long-term success. It is not easy and that is why many players go bankrupt instead of making money.

2. Good news: in principle, everyone can learn to trade currencies.
Although the vast majority of traders are too lazy to learn more about investing on the Forex exchange. It has been proven more than once that absolutely every participant can learn to trade, and this was vividly demonstrated by Richard Dennis, who taught a group of just a few people to invest for fourteen days. After completing the course, this group has earned more than $ 100 million over a four-year period, reaching an 80% annual rate of return. Okay, you may not be able to earn the same amount as these lucky ones, but, as you can see from the experiment, success is available to anyone who really wants to deepen their knowledge.
3 Beware of "experts", as well as their automated systems for making money on FX
There is no such thing as "wonderful automatic systems, using which you increase your funds in the Forex market", the authors of these systems earn not on their own investments in Forex, but only by selling these "miraculous methods". Stay as far away as possible from such systems and indicators and from these "experts", you will simply spend your money on the purchase itself, and even lose it using these left-handed systems.

4. You don't need to work hard to make money in Forex.
Making a profit in Forex is not easy, you don't have to work hard, but you still have to think and learn how to invest wisely, and this is the right way to win and earn. An example is the aforementioned group of students led by Richard Dennis who learned how to trade in just two weeks!
10 Things Every Forex Newbie Should Know To Make Money Effectively

10 Things Every Forex Newbie Should Know To Make Money Effectively

5. You don't need to be a genius to generate income in the Forex market.
The best FX players are not brilliant mathematicians or people with above average mental abilities, the best players are ordinary people who devote their time to developing and learning about investing.

Of course, you cannot completely ignore the math, but most importantly, you must know what the rate is, the profit, and so on. Forex is a borderless free market and one of the few markets where traders can start small and get rich very quickly, but can lose their money just as quickly. You need to know why a given position has paid you a dividend or a loss. You need to maximize your winnings and minimize your losses.

6. Choose simplicity
When creating your personal investment concept, try to make it as simple as possible, because these are the systems that work most efficiently. Time-consuming math systems hardly work in financial markets and there is no such thing as a reliable system, so simple schemes are better, choose simplicity to make money with FX.
7. Currency prices cannot be predicted.
Most of the "experts" say that if you want to make money on Forex, then you have to predict currency prices, but this is bullshit! Try and your predictions will be as accurate as in the horoscope. In order to make money, you need to wait and react quickly to actual price changes. Trading is a reality, not an opinion.

8. Day trading and scalping practically do not work.
Again, a lot of smart people say that day trading and scalping are effective methods of making money on FX, but this is not the case when the Forex market is too volatile. The one-day period is too short to judge the true trend of the market (the basic rule of playing in the foreign exchange market is “always play with the trend”), and most of the changes are random.
Forex scalping and day trading is like a three card game, you are bound to lose.

9. Money management is the key to good luck in Forex.
Money management is about keeping your losses under control, and it is indeed the key to making big profits. Many traders never think about it, but they focus on the amount of leverage or, when they open a position, do not set a stop loss, which leads to significantly larger losses than for any other reason.

10. If you want to apply the Forex trading plan you created, discipline is imperative.
Patience is a virtue not only in life, but also when playing FX. In order to be profitable and make money in the Forex market, you definitely need to be disciplined and strictly follow a prepared plan and not give up if trading brings you losses.
If you deviate from your rules, you have no chance of making big money in Forex, at best you will lose.

The discipline is built on the credit of trusting your own knowledge of investing, and this is the difference between losers and favorites in the Forex market.

Earning capital on the Forex market is not easy, but if you have the right approach and the right attitude to playing currencies and deepening your knowledge, no other exchange can offer you more chances for a big income than the Forex market.

The point of this article is that, in principle, everyone can benefit from Forex. But you must make a concrete effort. You have to do it yourself and ignore myths and experts who say it's easy. Because it isn't.

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